Domino rolls over Europe

This weekend was no bank crash in US! :) It was in Europe this time: U.K. mortgage firm Bradford & Bingley to be nationalized. According to the rumours also belgian Fortis is not in good shape.

I am already convinced that we are seeing now something that has never happend before in the banking industry. So many world-wide known names stopped their business this month. The outcome of this will last for sure. The boss of IMF warns also about a long lasting Europe slowdown.

"Das wird für Europa schwierig": Der Chef des Weltwährungsfonds, Dominique Strauss-Kahn, erwartet langwierige Probleme der Weltwirtschaft - vor allem arme Staaten würden leiden.

Der IWF-Chef weiter: "Aber die Realwirtschaft wird nicht absinken. Die Währungen werden nicht zusammenbrechen. Den Zentralbanken gelingt es, die Finanzkrise zu managen."